North Carolina Residential Real Estate Lawyers
What Home Buyers & Sellers Need To Know
WZ Law Group understands that buying and selling a home can be a daunting process, so we have put together a step-by-step guide so you know what to expect.
Once You've Signed A Contract:
The buyer and seller will agree in a contract to buy/sell the home. Buyer will make a good-faith deposit of “earnest money” either with the agents or with the closing attorney into a trust account. The lender will order an appraisal of the property (or an agent may order this for a cash purchase), and once an acceptable appraisal is received, the parties will arrange for inspections, and any repairs to be done will be negotiated between the buyer and seller. At this point a survey would be ordered, the buyer would apply for hazard insurance and all of this information will be sent to the closing attorney and the lender to prepare for the closing.
In the meantime, as closing attorneys, we must collect certain information from buyers and sellers in order to facilitate the closing of your home purchase and sale. Buyers must sign and submit our firm Letter of Engagement as soon as possible, so that our firm can begin to work on your purchase. Buyers should also complete the Real Estate Buyer Information Sheets. Sellers should complete the Real Estate Seller Information Sheets so that we can arrange for the payoff and settlement of any loans you might have on the property. As closing day approaches, sellers arrange for utilities to be switched over, and buyers make payment for hazard insurance on the new home.
What To Expect On Closing Day:
Whether you are closing in person at our offices or remotely, closing day will involve signing documents and speaking with your agents and closing attorneys. Buyers and Sellers will not meet at closing in person, but we do encourage sharing of each other’s contact information in the event questions arise after each has signed about things such as keys, utilities, garbage collection, alarm codes and so on. Please arrive a few minutes before your scheduled closing time and please familiarize yourself with our new COVID-19 office protocols and instructions provided to you, and ensure you bring two forms of identification and moneys needed at closing (if any) so that you are prepared. The closing process for buyers typically takes about 30-40 minutes, during which time the closing attorney will carefully explain the documents you are signing and answer any questions. The closing process for sellers typically takes about 15-20 minutes, and you will have the opportunity to ask any questions at this time. WZ Law Group aspires to be a paperless office and therefore we will provide you with a scanned copy of your closing documents, which you may print at your convenience if and when you are in need of paper copies.
After buyers and sellers sign all documents, our work is not done. We will spend time ensuring we obtain funding authorization from the mortgage lender should you have one, disburse the money for the purchase and sale, and record the deed at the Registrar of Deeds office in the county where your property is located. Once this is all complete, you have bought or sold your home as a matter of public record and your transaction is complete. CONGRATULATIONS!!